Top reasons for Hambleton lease extension

Why you should start your Hambleton lease extension today:

A Hambleton lease depreciates with the years remaining on the lease.

Hambleton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Hambleton residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Hambleton you really ought to investigate if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

Leasehold residencies in Hambleton with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may decide not to loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to become jittery at around 75 years. This may cause difficulties when you wish to dispose of or remortgage your flat as it will be effectively unmortgageable. You may not have an immediate plan to sell but when you do your purchaser will have to hold off for two years before they can commence the legal procedures for a lease extension.

Why use us for your lease extension in Hambleton?

Retaining our service gives you enhanced control over the value of your Hambleton leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Hambleton Lease Extension Example Cases:

Nathaniel, Hambleton, Rutland

During the course of the last few months Nathaniel, came seriously near to the eighty-year threshold with the lease on his purpose- built apartment in Hambleton. In buying his flat 19 years previously, the lease term was of no importance. Thankfully, he realised he would soon be paying an escalated premium for a lease extension. Nathaniel extended the lease just ahead of time last July. Nathaniel and the landlord who owned the flat above subsequently settled on an amount of £5,500 . If he had missed the deadline, the sum would have become more exhorbitant by at least £1,125.

Hambleton case:

Ms Ellen Nguyen was assigned a lease of a first floor apartment in Hambleton in July 2004. The question was if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Identical homes in Hambleton with a long lease were in the region of £260,000. The average ground rent payable was £50 billed yearly. The lease lapsed on 22 February 2099. Having 73 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.

Hambleton case:

Last Christmas we were phoned by Dr Freddie Cooper , who purchased a basement flat in Hambleton in February 2008. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparative flats in Hambleton with a long lease were in the region of £264,000. The mid-range ground rent payable was £60 collected yearly. The lease came to a finish in 2079. Having 53 years outstanding we approximated the premium to the landlord to extend the lease to be within £37,100 and £42,800 not including fees.